Jet Airways signs MoU with SBI, seeks government nod for open offer exemption

SBI has signed an MoU with cash-strapped Jet Airways to convert its outstanding debt to equity. According to reports, SBI will hold about 15 per cent equity stake in the airline (based on the value of existing debt), and in case more funds are infused, the shareholding is expected to increase to about 30 per cent. Shareholder Etihad Airways has also agreed to inject funds in the airline so that its equity stake rises to 40-49 per cent.

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